Word: chesler
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Dates: during 1950-1959
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...Wire & Cable Ltd., and Providence's Grant Money Meters Co. (toll-road coin boxes). Universal estimates that earnings for the fiscal year ending in March will rise 56% to about $3,900,000, or $2 per share. That means Universal stock sells at a steep 48^ times earnings; Chesler's $1,000,000 ante in Universal has zoomed to a market value near $25 million...
Shell Game. Chesler stalked small companies with big potential, accurately sniffed the coming boom in electronics, Florida land, and leisure activities, including horseracing...
...spotted Universal Products Co. early in 1956 when it was a corporate shell with a treasury of $10 million. Chesler took control by putting up $1,000,000, plus $2,500,000 from millionaire cronies such as Baltimore Colts' Owner Carroll Rosenbloom. ("Who wouldn't pay $1,000,000 to get control of $10 million?" asks Chesler.) With Universal's cash, Chesler bought Baltimore's American Totalisator, which owns and leases 80% of the racetrack "Tote" systems that automatically figure and post bets, odds and winnings. By swapping stock, Universal later acquired General Register Corp. (ticket...
...Chesler constructed General Development on another corporate shell: Detroit's Chemical Research Co. He bought in cheaply, helped steer the company into Florida real estate, in mid-1957 picked up another 520,000 shares at $7.15 each, and went to work to expand the company. General's earnings rose from $2.1 million in 1957 to $6.6 million in 1958, or $2.80 a share. Yet this is not cash on hand. When General sells an $895 lot for $10 down and $10 a month, it counts the full profit on the sale as current profit, even though it will...
Hunger for Growth. The Midas touch has brought burly Lou Chesler most of the material possessions a man could desire: a 54-ft. yacht, a $250,000 Long Island estate, half ownership of a three-year-old Kentucky Derby hopeful named Atoll, firm control of two growing companies, vast investments in other stocks and Canadian real estate. Still he wants more. Recently he tried to merge Universal with Underwood Corp., got a cool reception and retreated. What makes Lou Chesler run? Answers Chesler: "I just cannot resist the challenge of an obvious business opportunity. Though this may sound corny...